- The Litecoin price fell back today after a fairly positive weekend that saw LTC push up to $159 on Sunday.
- The current session sees LTC down at $155, with sellers looking to drop the price further.
The Litecoin price fell back during the ongoing session, with the price currently down by over 2%. LTC had dropped by almost 2% on Friday, as the price fell to $148,45. However, the weekend saw the price recover, as it rose by 6.46% and moved up to $158.04. LTC remained in the green on Sunday, pushing up by 0.70%, with LTC settling just short of $160, at $159.14, before dropping off during the ongoing session.
Litecoin Price Chart Indicates LTC Could Drop To $150
The Litecoin price started the previous week on a very bearish note, registering a drop of over 13% on Saturday, as LTC slipped below the 200-day SMA and settled at $162.96. LTC continued to drop on Sunday, as the price fell by almost 4% and settled at $156.60. LTC started the week on a positive note, rising by over 3% on Monday, moving above $160 and settling at $161.53. Tuesday saw only a marginal increase before LTC pushed up by almost 2% on Wednesday to settle at $165.20.
Image: LTC/USD daily
After moving up to $165.20 on Wednesday, the Litecoin price fell sharply on Thursday, dropping by over 8% and settling at $151.46. LTC continued to drop on Sunday as it ended the weekend on a bearish note, slipping below $150 after dropping by 1.99%. However, LTC pushed up over the weekend, as the price rose by over 6% on Monday, rising to $158.04. LTC continued to push up on Monday, registering an increase of 0.70%, before falling back during the ongoing session.
We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $163.86. At this price level, over 100,000 addresses have sold more than 2 million LTC.
Looking at the 4-hour Litecoin price chart, we can see that LTC had pushed above the 20-bar SMA on the 7th when the price pushed up to $161.53. With the 20-bar SMA acting as support, LTC was able to stay at this level for the next few sessions until it dropped back below the 20-bar SMA and settled at $150.25 on the 11th. LTC registered a marginal fall from this level, as it dropped to $148.45, before rising from this level, pushing above the 20-bar SMA and moving to $158.76. However, LTC could not move past the 50-bar SMA and dropped to $156.09 before rising above the 50-bar SMA on the 12th, when the price rose to $160.83. After reaching this level, LTC dropped back below the 20 and 50-bar SMAs to its current level of $155.
We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price rise. However, if the price fails to recover, we could see them flip back to bearish.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price chart, we can see that LTC has dropped significantly during the current session. If the current sentiment persists, we could see LTC drop to $150 before recovering.